Such information is of critical importance to companies because it determines the kind of products a company will release into the market. Accoridng to Lee and BradLow, “Analysis of market structure is a key step in the design and development of new products as well as the repositioning of existing products” (882). In other cases, market research analysts take up the duty of assessing the customer satisfaction. When companies launch products into the market, they need to understand the concerns of the customers, as well as the level of customer satisfaction.
Since customer satisfaction has a direct relationship with the level of loyalty to a certain brand, companies employ market research analysts so that they can assess the level of customer satisfaction. In addition, companies need to understand the emerging market trends in their industry. Since different industries are under the influence of various factors, and numerous drivers influence the level of profitability, companies rely on market research analysts to consider the market conditions and be able to project into the future. Market research analysts engage in forecasting in order to determine the future market trends.
Businesses cannot operate without an idea of what the future will bring. For this reason, market research analysts have the responsibility of tracking different markets and determining potential trends that will emerge in the future. After their research, “Analysts break down data and use reports and visual aids in order to identify particular consumer opinions, product demand, and potential avenues for improvement in product development, internal operations, design, and marketing strategy” (Pritchard). Companies have a salient need to understand their position in the market. Understanding a company’s position in the market is of critical importance since it helps the executive team to define new strategies for maintaining the position or becoming a market leader.
It is impossible to get such information without the help of a market research analyst. These practitioners come into place and study different companies in the marketplace determining their financial performance as well as the percentage of sales and ranking companies operating in the same industry. Market research analysts attached to specific companies indulge in a rigorous activity of analyzing all the company’s operations and determining how they are likely to change the company’s position.
Notably, all the information gathered by market research analysts is in the form of raw data that needs proper analysis and interpretation.
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